United News of Bangladesh

St. Martin Island Environment and Tourism Protection and Development Alliance and the Tour Operators Association of Bangladesh (TOAB) jointly organised a protest rally in Dhaka on Thursday to demand the reversal of recent government restrictions on travel to St. Martin Island. The protesters formed a human chain and held a sit-in programme in front of the Department of Environment in the capital’s Agargaon at 10am. TOAB President Md Rafeuzzaman said, "Despite our strong objections, the government has made a detrimental decision to ban overnight stays on Saint Martin's Island and restrict tourist visits during the peak season. This will have a significant negative impact on the tourism industry, leaving local entrepreneurs devastated." He said, "Nearly 10,000 people rely on tourism for their livelihoods. If tourism is curtailed or banned, they will lose their means of living. Additionally, the investments of entrepreneurs will be at serious risk." TOAB President called for the withdrawal of this decision within the next two working days saying that Saint Martin's Island should remain open to tourists without restrictions. He added, "We are committed to protecting the environment and biodiversity of Saint Martin's, but not at the cost of shutting down tourism. We should implement measures that align with environmental conservation. If our demands are not addressed within two days, we will announce tougher progamme on the streets." Previously, the government announced that no tourists would be allowed to stay overnight on Saint Martin's Island in November. In December and January, a maximum of 2,000 tourists will be permitted to visit the island each day and stay overnight. However, in February, the government plans to completely suspend tourist access to the island. There are 100 hotels and resorts in Saint Martin and around Tk1000 crore has been invested taking all types of permission from the government entities of Cox’s Bazar, they said adding that the sudden decision of discouraging tourism and night stay in Saint Martin will destroy the investment. Among others, Leaders of Tour Operators Association of Cox's Bazar, Leaders of E-Tourism Association of Bangladesh (E-TAB), Tour Operators Association of Kuakata, Leaders of St. Martin Hotel Owners Association, were present.

The Ministry of Commerce has taken an initiative to return monies owed to traders by e-commerce companies that went bust all of a sudden, leaving innumerable buyers and sellers in the lurch. The ministry has asked for a complete list of these affected customers by November 14. The ministry has also issued a public notice in this regard. This information was confirmed by the Central Digital Commerce Cell of the Ministry of Commerce on Tuesday (October 29). According to the public notice of the Ministry of Commerce, for information of the e-commerce companies, customers, and sellers of the digital commerce sector, digital commerce companies have been asked to submit a complete list of customers and sellers who owe money to the digital commerce companies to the Ministry of Commerce by November 14. Moreover, customers who have not received the product from the digital commerce company after payment and the sellers have not received the sale price after supplying the product to the digital commerce company, have been advised to file a complaint with the National Directorate of Consumer Rights Protection only through the online portal by November 14. In this regard, the Deputy Secretary of Central Digital Commerce Cell Muhammad Sayed Ali said, "We are trying to return the money that has been withheld from customers for a long time.” “Some organizations are responding well; others are not cooperating. That is why we have asked creditors to file complaints. A hearing will be conducted based on these complaints and the amount due will be refunded to them as per law,” he added.

In just two days (Sunday-Monday), the Dhaka Stock Exchange’s (DSE) prime index has dropped a staggering 218 points, resulting in the losses of millions of taka of the investors and traders. With approximately three million investors currently engaged in the stock market, the downturn has left many disheartened. The Bangladesh Securities and Exchange Commission (BSEC) expressed serious concerns about suspicious market activities. To investigate these irregularities, the BSEC has formed a four-member committee tasked with providing a detailed report within 10 days. Rezaul Karim, the executive director of the BSEC, assured the public that the existing task force will intensify its efforts in the coming days. DSE closes lower amid heavy selling pressure, Tk 357cr in transactions Besides, several focus committees will be formed under the task force to maintain a close watch on the market. The stock market crisis has prompted investors to call for the resignation of BSEC chairman Rashed Maksud, criticising his inability to stabilise the market. Many investors, who had utilised margin loans, are experiencing forced selling, which has led to considerable losses in equity. The BSEC acknowledged that junk shares have flooded the market due to a string of poor IPOs over the past 14 years. Investors are now urging the commission to implement a buyback law and eliminate underperforming IPOs. Investors protest decline in stock market There is also a strong demand for accountability regarding Shiblee Rubayet, a former commissioner allegedly involved in a previous stock market scandal. In a recent statement, Rezaul Karim said that the people involved in past market scams will soon face legal action. Brokerage houses are reporting a noticeable decline in activity, with far fewer investors present compared to a few months ago when the market was relatively steady. Saiful Islam, president of the DSE Brokerage House Association, has called for liquidity support to help stabilise the market. He also urged the government to reconsider the current approach of categorising companies based on dividend disbursement, arguing that it should be left to investors to make their own investment decisions. “Let the market run at its own pace. When attempts are made to control it, a collapse is inevitable, and that is exactly what is happening now,” Saiful stated. When asked about a potential market recovery timeline, neither the DSE nor the BSEC could provide a definitive answer. However, Mominul Islam, chairman of the DSE, expressed hope that market conditions might improve by December. This downturn has cast a cloud of uncertainty over the financial landscape, and all eyes are now on the BSEC and DSE to see how they will address investors’ concerns and work to restore market stability.

The Bangladesh Business & Disability Network (BBDN) and SME Foundation (SMEF) have signed an MoU that outlines a shared commitment to advancing the agenda of accessible financial services for entrepreneurs with disabilities, with a focus on advocacy, product development, and capacity-building initiatives in the banking and financial sectors. This initiative marks a significant step towards ensuring equitable access to financial services for all, reinforcing the need for inclusivity in Bangladesh’s economic landscape. Prior to signing the MoU recently, a discussion was organized on the accessibility of finance for persons with disabilities, through the support of the International Labour Organization’s (ILO) Promoting Gender Responsive Enterprise Development and TVET Systems (ProGRESS) project, where both BBDN and SMEF are partners of the ILO. The event brought together key financial institutions, including SME Foundation, BRAC Bank, Mutual Trust Bank, Shahjalal Islami Bank, Kormoshongsthan Bank, NRBC Bank, as well as prominent organizations like PKSF and Sajida Foundation, according to a media release. Participants engaged in insightful discussions, exploring their experiences and understandings regarding the financial inclusion of persons with disabilities. Mahbubul Islam from the Centre for the Rehabilitation of the Paralysed (CRP) shared valuable insights on the essential requirements for developing financial products that cater to the needs of persons with disabilities, based on their experience. Sightsavers provided an overview on the SME policy landscape. Several entrepreneurs with disabilities also participated in the event, openly discussing the discrimination they face, despite being qualified and equipped, in accessing loans and financial support from banks and financial institutions. Notable speakers at the event included Peter Belen, Chief Technical Advisor of the ILO ProGRESS project; Anwar Hossain Chowdhury, Managing Director of the SME Foundation; Monsur Ahmed Chowdhury, Trustee of BBDN; and Murteza Rafi Khan, CEO of BBDN. The Chief Guest, Anwar Hossain Chowdhury, emphasized in his speech the importance of SMEF and its extended network actively engaging in every stage of the implementation process. He noted that, while numerous theoretical discussions have been held and extensive research conducted, the reality on the ground tells a different story. People with disabilities continue to face significant challenges in establishing their own businesses. Many still go door to door seeking support, but their needs remain unmet. Although there are policies in place, effective implementation remains a challenge, he noted. “This makes it all the more vital for us to come together, organize, and collaborate to genuinely support people with disabilities in building their businesses and becoming self-sufficient. Now is the time for collective action,” Chowdhury said. Discussants at the programme underscored the urgent need to address barriers to financial accessibility and emphasized the importance of collaborative efforts in creating inclusive financial products and services.

The Dhaka Stock Exchange (DSE) index dropped by 52.98 points within the first hour of trading on Sunday, reflecting a downturn in Bangladesh's main capital market. During this initial hour, trading volume reached Tk 71.2 crore. A total of 375 companies participated, with 248 experiencing price declines, 80 showing gains, and 47 remaining unchanged. Read: DSE index hits four-month low amid investor concerns The primary DSE index, DSEX, fell by 52.98 points to stand at 5,061.61. The DSES Shariah index saw a 12.91-point decrease, settling at 1,131.09, while the DS30 index, tracking blue-chip stocks, dropped by 18.40 points to 1,860.77.

Global electronics brand ‘Walton’ has received huge responses from global buyers at the world’s largest trade show ‘China Import and Export Fair’, popularly known as Canton Fair. The importers, traders and buyers of the electronics and electrical products coming from different countries at the mega trade show were overwhelmed witnessing Walton’s environment-friendly advanced featured smart fridge, air conditioner, TV and other technology products, said a press release.          Abdur Rauf, Vice-President of Walton Global Business Section and Chief Coordinator of Walton Pavilion at Canton Fair, said that Walton received a huge response in the fair. Various smart appliances, including environment-friendly huge energy saving advanced features’ refrigerators, air conditioners, fans, battery, computer monitor, laptop, TV, compressor, mobile’s motherboard or PCBA etc. were showcased inside one mega pavilion at the international zone of the fair. Nearly one hundred business representatives from different countries have shown their keen interests to do business with Walton. Galib Bin Mohammad, Chief Marketing Officer, said, “Canton Fair has made a bridge between Walton and global buyers. Lots of businesspersons from Korea, China, India, Saudi Arabia, Arab Emirates, Russia, Uzbekistan, France, Germany, Spain, Italy, Yemen, Maldives, Fiji, Iraq, Kazakhstan, Afghanistan, Nigeria, Mexico, Gabon, Panama, Dominican Republic and Peru and countries in South and North America have visited Walton pavilion during the fair. Of them, about one hundred of businesspersons have shown their interest to import huge amounts of fridge, AC, TV, fans and other electrical and electronics products from Walton. The participation in the fair was a successful event for Walton.” According to the Walton’s Global Business Section, the world’s advanced AIoT-featured Walton refrigerators, including 9 in 1 convertible four-door, 8in1 convertible side by side door, multi-color design side by side refrigerator, European design Combi model refrigerator and vertical freezer, solar hybrid Spot Type AC, 5-inch Digital Display AC and Offline Voice Control AC products were the center of the visitors’ attraction. With smart control features, Walton fridge and AC can be controlled from anywhere from around the world using smartphones. Walton has got huge success in the fair considering the global business leaders’ attraction and keen interest in Walton products.

Investors at the Dhaka Stock Exchange (DSE) are reacting to a volatile market this week, driving selling pressure as indices show instability over the past five trading days. Out of these five days, the DSE’s major indexes dropped on three occasions, with brief recoveries on the other two days. The uncertainty has led many investors to offload shares, resulting in a sharp decline in the market. On Thursday, shares and mutual funds of 395 companies were traded, amounting to a total transaction of Tk 306 crore. Among them, the share prices of 83 companies increased, 272 companies dropped, and 40 remained unchanged, reflecting the growing apprehension among investors. Dhaka Stock Exchange sees major decline as 274 companies' shares fall This follows a similarly tough day on Wednesday, when transactions reached Tk 321 crore and the main index plunged by 71.98 points. The continuous decline is worrying many, as the market struggles to regain stability. Despite the overall downturn, a few companies managed to stand out. Reckitt Benckiser, Marico, Ambee Pharma, Sonali Aansh Industries Limited, and Heidelberg Cement were the top five gainers on Thursday, offering some hope amidst an otherwise bearish market. By the close of trading on Thursday, the DSE's key index, the DSEX, fell by 55.19 points, closing at 5,114.59. The DSES (Shariah) index dropped by 18.63 points to settle at 1,144, while the DS30, which tracks blue-chip companies, saw a decrease of 13.59 points, ending at 1,879.17. Similar trends were observed at the Chittagong Stock Exchange (CSE), where the CASPI index decreased by 199.70 points, closing at 14,302.59. Shares of 184 companies and mutual funds were traded on the CSE, with 39 companies posting gains, 130 companies reporting losses, and 15 remaining unchanged. Investors face uncertainty as stock prices fall sharply after gains The total value of transactions at the CSE on Thursday stood at Tk 4.15 crore, an increase from Tk 3.12 crore the day before. Despite this rise in transaction volume, the overall market trend remained negative.

The Dhaka Stock Exchange (DSE), Bangladesh's premier capital market, witnessed a significant drop in its key index, with the DSEX falling by 60.28 points during the first 2.5 hours of trading on Thursday. According to DSE records, transactions worth Tk 140 crore took place during this period. While 67 companies saw their stock prices rise, the broader market struggled as the prices of 274 companies declined, and 49 companies' prices remained unchanged. The DSEX, the main index, decreased by 60.28 points, landing at 5109.51 points. The Shariah-compliant DSES index also saw a drop of 17.46 points, settling at 1176.85 points. Meanwhile, the DS30, which tracks blue-chip companies, fell by 19.66 points to 1873.10 points.

Just like government employees, bank officials and staff in the four city corporations of Bangladesh are now required to submit their tax returns online. The Banking Regulations and Policy Department of Bangladesh Bank gave the instruction on Wednesday. Referring to a special order issued by the National Board of Revenue (NBR) on October 22, the announcement says all bank employees will have to follow the instructions. All managing directors and chief executive officers of scheduled banks operating in the country have been instructed to ensure that their employees adhere to the online tax return submission requirement. Read: Budget 2024-25: Businesses to face fines for not displaying tax return proof The central bank’s notice explained that this directive has been issued under the authority granted by Section 45 of the Banking Companies Act, 1991. To facilitate easier compliance for the 2024-2025 tax year, the NBR launched an online return submission system on September 9. Individual taxpayers can now conveniently prepare and file their returns online via the platform at www.etaxnbr.gov.bd. As of October 21, the number of returns filed online has exceeded 100,000.

The Dhaka Stock Exchange (DSE), the country's primary capital market, showed mixed performance during the first two hours of trading on Wednesday. By 12 pm, transactions worth Tk 137 crore had been recorded, with share prices rising for 109 companies. The DSES Shariah Index also saw an increase during this period. Despite two consecutive days of gains, the market showed a mixed trend in the major indexes. During the same time, prices of 217 companies declined, while 61 companies' share prices remained unchanged. In total, 387 companies were actively traded on the DSE by midday. According to market data, the DSEX, the main index, dropped by 4.38 points to 5,237.39. Meanwhile, the DSES Shariah Index rose by 2.83 points to 1,176.85, and the DS30, which tracks blue-chip stocks, fell by 8.20 points to 1,916.12 in the first two hours of trading.